Longyuan Power kicks off IPO of up to $2.3 billion

China's leading provider of wind power, China Longyuan Power Group Corp, yesterday kicked off the roadshow for an initial public offering that aims to raise between HK$13.42 billion and HK$17.49 billion $1.7 billion to $2.3 billion.

This is the first time that investors will have the opportunity to invest in China's rapidly growing wind power sector at the generation level, which is expected to be a key beneficiary of the government's desire to increase the proportion of the country's electricity that comes from renewable energy sources. While China derives less than 1% of its electricity from renewable energy sources today, Beijing has set a target to increase the country's wind power generating...